A report last week showed that the American economy, recovering from the worst recession since the 1930s, slowed to a 2.4 percent annual rate in the second quarter, less than forecast, as a scarcity of jobs eroded consumer spending.

The economy “is now expanding at a moderate pace,” Mr. Bernanke said at the Southern Legislative Conference, a group of lawmakers from 15 states. “To be sure, notable restraints on the recovery persist,” including housing, commercial real estate and the labor market, he said.

Housing, commercial real estate and the labor market–yes, those are quite ‘notable': hell, what’s left?* Considering most of us are the labor market, I would say the recovery is still ‘restrained.’

*I forgot that the FIRE sector is doing well, and we should all be very thankful for that. Damn us uppity serfs.